Millions of Social Security beneficiaries are eagerly awaiting their December retirement checks, which can be as high as $4,873 for those who have delayed their retirement until the age of 70.
The second round of these payments will be sent out in just two days, on Wednesday, Dec. 20. If you were born between the 11th and 20th of the month, your check is likely to arrive on that date.
When Will Your Payment Arrive?
The Social Security Administration (SSA) sends out payments based on when a person was born, dividing the recipients into three groups.
These payments are distributed every Wednesday, except for federal holidays. If the scheduled Wednesday falls on a federal holiday, payments are sent out on the preceding Tuesday.
- First wave: Sent to beneficiaries born from the 1st to the 10th of the month. These payments were already distributed on Dec. 11.
- Second wave: Beneficiaries born between the 11th and 20th of the month will receive their payments on Dec. 20.
- Third wave: Payments for people born from the 21st to the 31st will be sent out on Dec. 24, a Tuesday, because Wednesday, Dec. 25, is a federal holiday.
How Much Will You Receive?
The amount you receive depends on the age at which you retire, and there’s no cap on the amount you can earn throughout your career.
Social Security payments are designed to be based on your earnings over a lifetime, and they increase the longer you wait to retire.
- Retirement at 62: You are eligible for Social Security, but the maximum monthly benefit is $2,710.
- Retirement at 67: The maximum monthly benefit increases to $3,822.
- Retirement at 70: If you delay your retirement until the age of 70, your monthly payment reaches the maximum $4,873.
What About Other Types of Social Security Payments?
While the regular Social Security checks are sent out according to the payment schedule mentioned above, there are other types of payments managed by the SSA. For example, disability insurance payments and Supplemental Security Income (SSI) checks follow different schedules.
SSI payments are usually sent to individuals who suffer from debilitating disabilities that affect their ability to earn an income, and these payments typically go out at the beginning of each month.
Final Thoughts
As we approach the end of the year, millions of people are counting on their Social Security payments to cover daily expenses. The second wave of December payments will be out in just two days, and if you were born between the 11th and 20th, you’ll want to keep an eye out for your check.
Remember, the longer you wait to retire, the more you can receive each month. Social Security provides essential financial support for retirees, and understanding the timing and amount of your payments is key to managing your finances.
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